Bankruptcy Credit Cards

Posts Tagged ‘law’

February 8, 2007
Speaker: Robert D. Manning, PhD, Research Professor and Director, Center for Consumer Financial Services, Rochester Institute of Technology

Summary: The Frank J. Battisti Memorial Lecture

Banking deregulation has profoundly changed the financial services offered to consumers and the institutions that offer them. How has the dramatic erosion of federal and state regulation affected consumer usury laws, marketing policies, and consumer education? What are the factors that have shifted the focus of banks from corporate to consumer lending? How has the profitability of the industry changed and what does it mean to local banks? What factors are responsible to diluted loan underwriting standards? What role have credit cards played in this “revolution”? How have these changes influenced attitudes toward credit and debt now that America has a negative savings rate (first time since 1933)?

The financial services industry argued that consumer defaults on loans cost the average American over $400 simply because people are exploiting the bankruptcy law to avoid paying their debts. What are the economic realities to the industry? Can consumers expect lower cost products now that the bill was enacted? What are the most important changes in the law for consumers? What impact has the law had on bankruptcy filings? Who is responsible for soaring consumer bankruptcy rates? What role does homeownership play in the process of consumer bankruptcy?

Finally, how do we explain the dramatic change in social attitudes toward saving and consumer debt? When and why are Americans assuming record levels of debt? What are the implications of rising consumer debt to the future of American society? What are the near term consequences of consumer debt on retirement and social inequality? Is inheritance or rising property values the solution to the debt problem?

Dr. Manning’s lecture will explore all of these questions and conclude with a prediction that American society has about 10-15 years to reverse the consumer debt crisis or the U.S. will face a sharp decline in its standard of living and serious financial crises in 20-25 years — independent of the financial pressures of the retiring baby boomer “bulge.” Also, the failure to rapidly reverse the consumer debt crisis has enormous implications to the future global economic power of the U.S. as our dependence on cheap credit dwarfs our dependence on cheap energy.

Duration : 1:17:25

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Technorati Tags: banking, bankruptcy, Battisti, Case, consumer, Crisis, debt, deregulation, financial, law, Lecture, Manning, Memorial, reform, reserve, revolution, Robert, school, services, University, Western

Credit Card Delinquencies Rise to Level Highs as Consumers Use Cards Less

Duration : 0:1:29

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Technorati Tags: bloomberg, Business, credit, debt, Issues, law, legal, television, TV

Also listen to patriot news hour….
http://allamericangold.com/ptg13apr10.mp3

Duration : 0:5:55

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How to deal with Credit Card Debt. Collection agency will be after you. Action: 1. Read Fair Debt Collection Practices Act. Know your rights. Do not blow 30 day window to dispute the debt (validate it). Download letter sample at http://www.awakeningblog.com/books.html
If they call you tell them that you understand that they want to collect debt, so please send me letter so I know who is trying to collect it. Good luck. Please share results if any. Make sure you understand to whom FDCPA applies. It is not a legal advise.

Duration : 0:6:12

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The Ninth Circuit rejected an appeal by the lawyers of Anna Nicole Smith’s estate. Smith’s attorneys’ filed for an en banc review just weeks after a Ninth Circuit panel upheld the previous decision of the Texas probate court, ruling that J. Howard Marshall II provided for Smith during their courtship and marriage and she had no further claims on his estate. Legal expert Todd Zywicki released this statement in response to their decision:
This 15 year old legal dispute has focused on jurisdiction of the courts. A Texas probate court upheld the intent of Marshall’s Will and Living Trust back in 2001 but not before Smith had “forum shopped” to file a counterclaim in a Bankruptcy court. The recent Ninth Circuit decision affirmed that the Texas probate court was the clear “trial of record” for the case.
By refusing to hear the case in front of an eleven judge en banc panel the 9th circuit’s decision avoids a dangerous legal precedent that could have opened the flood gates for court forum shopping. If the 9th Circuit had ruled in favor of Smith, then disappointed claimants could potentially challenge every estate plan and contract in bankruptcy court. Bankruptcy courts have authority to provide a final resolution of only “core” issues related to the bankruptcy case itself and should not be used as a vehicle to game the legal system.
Smith’s attorneys have vowed to continue the appeals process all the way back to the U.S. Supreme Court, but the unanimous decision of the panel is clearly correct. The recent 9th Circuit’s decision addressed the Supreme Court’s concerns over the outstanding appellate issues and so their ruling should stand.

Zywicki offers more insight into this case in his new article, “The New Forum Shopping Problem in Bankruptcy”.

Duration : 0:6:55

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Technorati Tags: anna, appeal, bankruptcy, circuit, estae, forum, george, law, mason, Nicole, ninth, professor, rejected, shopping, smith